VSE Corp. (NASDAQ:VSEC), a leading provider of aftermarket distribution and maintenance, repair, and overhaul services for land, sea, and air transportation assets for government and commercial markets, announced significant changes to its leadership.
On Monday, Calvin Koonce informed the company of his decision to retire from the Board of Directors at the end of his current term, which coincides with the 2024 Annual Meeting of Stockholders scheduled for May 21, 2024. Koonce's retirement, after thirty-two years of service, is not due to any disagreements with the company's operations, policies, or practices.
In response to Koonce's upcoming departure, the Board has decided to reduce its size from nine to eight directors. This change will take effect at the conclusion of Koonce's term.
Furthermore, Chad M. Wheeler, Group President for the Fleet Segment, has announced his resignation, which will become effective later in 2024. Wheeler, who has also served the company for over three decades, will continue in his current role until the resignation date and will assist in a transition role thereafter. Similar to Koonce's departure, Wheeler's resignation is not a result of any dispute or disagreement with the company.
The company has not yet announced successors for either position. These transitions mark a significant shift in VSE Corp.'s leadership structure as the company continues to serve its markets. This news is based on statements from a recent SEC filing.
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